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Early heat exchangers were all thin flange and did not have an insert that fitted in the exhaust port and have therefor not been shaved.
To me, the raised ring looks like the crushed remains of the old gasket centre. At least some makes of the exhaust gasket have a central ring of metal embedded in the gasket to give more reliable sealing. I would have a pick at it with a sharp blade and check.
As an aside, it was mainly US delivered late SCs that had the thick flanges like a 3.2. ROW SCs that retained the air pump and had no Cat stuck with thin flanges to the end.
Mark
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